Having worked your whole life are you happy to see your wealth, or a significant part of it disappear to the Government.
There are various strategies that can be employed to minimise Inheritance Tax. Again, there isn’t a one size fits all approach and different people will take different approaches and end up with a different plan.
The important thing is to understand your personal plan and how it helps meet your wealth preservation objectives.
Finally, whilst Inheritance Tax is a tax at 40% on all your assets above the Nil rate band (£300,000 for 07/08 tax year, Long Term care can potentially amount to a tax of 100% of your assets in excess of £16,000.